Bartholomew County’s housing affordability crisis deepened over the past year, as highlighted in the National Low Income Housing Coalition’s “Out of Reach” 2024 report. The hourly wage necessary to afford a fair market rate two-bedroom apartment spiked by 15%, reaching $23 in fiscal year 2024, while local renters’ average hourly wage declined by nearly 2% to $22.92. Statewide trends in Indiana showed similar increases, with the hourly wage requirement for a two-bedroom apartment rising to $22.07, a $3.07 increase from the previous year, and the average renter’s hourly wage slightly climbing to $17.92. Despite these rises, both the housing wage and renter wage in Bartholomew County and Indiana remain below the national average of $32.11 required for such housing, underscoring a widening gap between housing costs and income levels. The impending closure of the Villas apartments due to federal subsidy expiration further underscores the urgent need for affordable housing solutions in Columbus, where a current housing study seeks to address these challenges and formulate strategies to safeguard and expand affordable housing options amid potential future losses. Nationally, the affordability issue affects workers in 33 states, highlighting the need for significant investments in affordable housing to mitigate this ongoing crisis.

https://www.nahb.org/blog/2024/06/importance-of-expanding-lihtc